Transferability rights have been added to SAFE, the governance token associated with the Safe Protocol.

According to the official statement on Apr. 23, the Safe token contract is no longer paused, permitting holders to transfer SAFE without restriction. As a result, the token’s value dropped by over 26%, and at the time of writing, it trades at $2.42 per data from Coingecko. In addition, the data shows that Safe has a fully diluted valuation (FDV) of more than $2.8 billion. Remarkably, 427 million of the token’s one billion allotted supply are in circulation.

SEP22 has been executed! The Safe Token Contract is officially unpaused and SAFE is transferable, ushering a new era for Safe{DAO} pic.twitter.com/MgFSn3cFBW

— Safe Governance (@safegovernance) April 23, 2024

SafeDAO Enables Transfer

Moreover, the DAO’s tokens have been unlocked following an airdrop in Oct. 2022 and nearly two years of dormancy. A Safe representative explained the reasoning behind the lengthy token freeze and the latest decision.

The spokesperson stated that the SafeDAO governance approved the transfers of SAFE tokens after the community decided against it in 2022. More importantly, SafeDAO set five important benchmarks before the transferability issue could be raised again.

This past year’s discussion surrounding this issue culminated in a DAO voting period ending on Apr.15. Over 99% of respondents supported allowing transferability and unpausing the Safe token contract.

In addition, the spokesperson explained that rather than being decided by a small group of core contributors, decisions about transferability are made democratically by the DAO, token holders, and delegates.

OKX’s SAFE Listing

OKX, a leading cryptocurrency exchange, announced on Apr. 22 that it would introduce SAFE for spot trading on its platform. Accordingly, the platform began accepting SAFE deposits at 11:00 a.m. ET on Apr. 22, with withdrawals beginning at 6:00 a.m. ET on Apr. 24.

OKX highlighted SAFE’s comprehensive features, including a full stack of account abstraction infrastructure and an industry-standard multi-signature wallet. The project’s primary goal is to transform every Ethereum account into a smart account.

This transformation enables various innovative use cases, including payments, staking, gaming, SocialFi, decentralized finance (DeFi), and artificial intelligence (AI). Other notable features include gasless transactions, seamless onramps, simple face-ID logins, and recovery options. Formerly known as Gnosis Safe, SafeDAO began as a custody solution provided by Gnosis DAO, a service with rising demand lately.

Disclaimer

This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.